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- **Profitability Milestone**: First quarter of profitable growth with EBITDA $3.1M vs -$5.1M YoY.
- **Europe Playbook Success**: 12% revenue growth, Germany foodservice +45% YoY, retail share +140bps.
- **North America Progress**: Excluding headwinds, +5% Q3 growth; foodservice (exc. largest customer) +11%.
- **Cash Flow Improvement**: Free cash flow -$5M vs -$27M YoY; cash conversion cycle 40 days (best since IPO).
- **Capital Structure Strengthened**: $1.7B Nordic bonds reduce annual interest expense by $5M.

**【CEO Summary Section】**
- Achieved first quarter of profitable growth with constant currency revenue growth and positive adjusted EBITDA.
- Disciplined strategic actions over 3 years reduced COGS per liter and SG&A by over 25%, positioning for scalable growth.
- Reaffirmed 2025 guidance: flat to +1% revenue growth, EBITDA $5M-$15M, and $20M CapEx.
- Greater China strategic review ongoing, exploring carve-out to accelerate growth.

**【COO Operational Update】**
- **Europe & Intl.**: 12% revenue growth driven by refreshed growth playbook; Germany foodservice up 45% YoY, retail market share +140bps.
- **North America**: Excluding headwinds, +5% Q3 growth; foodservice (excluding largest customer) +11%, club sales +6% of revenue.
- **Greater China**: 18% foodservice growth, retail volume record high; EBITDA positive Q3 and YTD.

**【CFO Financial Highlights】**
- Q3 revenue $232M (+7.1% YoY, +3.8% constant currency); EBITDA $3.1M (vs -$5.1M YoY).
- Gross margin 29.8% (flat YoY); SG&A down $3.8M YoY.
- Free cash flow -$5M (vs -$27M YoY); cash conversion cycle 40 days (best since IPO).
- Capital structure improved with $1.7B Nordic bonds, reducing interest expense by $5M annually.

**【Q&A Key Themes】**
- **North America Growth**: Lapping headwinds in 2026; foodservice playbook showing +11% growth, clubs expanding to 5 regions.
- **Europe Momentum**: Oat milk outpacing plant-based category; Germany playbook replicable across markets.
- **Cost Efficiency**: Continuous improvement mindset driving 25%+ reductions in COGS and SG&A.
- **Free Cash Flow**: Working capital improvements to continue; 2025 guidance assumes no direct tariff impact.

Oatly Group AB (OTLY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OTLY

OTLY fundamentals

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